November Market Minutes

By: Michelle Makos

November Market Minutes

Tags: House Prices, October Home Sales, Selling Your Home, Real Estate Market, First Time Home buying, Market Releases, What is my home worth, Buying a Home, Durham Region Resale Market

Hello Website Friends !!!

Well the TREB stats are out.  The market is still moving .. SLOWLY but moving.   Sales prices are about 2% above the sale prices in October 2016 but sales are down 26.7% from the month before.   

I watched this video/link on Global yesterday :  RICHMOND HILL WOMAN CAUGHT IN HOUSE SQUEEZE.

I am sorry, this is getting ridiculous... everyone was warned that the prices were going up too quickly and the bidding wars were getting dangerously high and that buying FIRM with no inspections or conditions was a slippery slope and people still wanted to buy buy buy.  Now when it is not going up leaps and bounds,  they are upset with mortgage brokers and realtors.   I warned people at the beginning of the year.  I was good with people selling that weren't buying in that frenzy to cash in and get out.  I told BUYERS to wait.  Don't buy now.   It didn't help my pay cheque but it was the honest thing to do.  NOW and in the next six months, we are going to see another slight drop in prices and then we will be balanced out.   

I think if you have sold your home and/or are a first time buyer, NOW is the time to get out there.  So many people NEED to sell because they are caught in a mess,  like this woman in the video and will take a lower price than listed just to get out of the mess they are in.    If you are selling right now, you need to make sure you working with a solid agent who knows the market and has great exposure on the web because that is where the buyers are going or my WEBSITE of course, because it is always up to date.. :)

So the new market watch is below for any of you that are interested in looking at it.
 
Market Report for October 2017 - Residential Resale from Michelle Makos
 
With the new mortgage lending rules changing January 1st, people are looking to buy now, especially those buying with 20% down who will have to qualify for higher rates.  It is believe it will effect about 20% of their buying power BUT on the flip side, I have heard that you can qualify through Trust Companies and Credit Unions and they are not subject to those qualificaiton rules... so this may be a loophole in the new rules... or they may change it before .. who knows.

All I know is use a professional Realtor who will advise you of the market and help guide you to make informed decisions.   Anyone who has worked with me will testify to that.  I would rather see us walk away, than over pay or get in a mess.  The stress and aggravation are not worth it.  I have been there.   1989/90 and I wouldn't wish it on anyone.  So learn from my mistakes.. :)   Have a great November everyone and if you have any questions or know of anyone moving or looking to buy, I am always happy to help.

Cheers !!
Michelle
Your Friend In Real Estate
ROYAL HERITAGE REALTY LTD.
Broker
416-300-3004